Douglas Lusted is a born entrepreneur whose latest venture is set to rake in the money. He is the co-founder and current Chief Operating Officer of WestonExpressions, a company he established after winning the Innovation Showcase and Velocity Venture Fund awarded by the University of Waterloo in 2012. He was only in his sophomore year at the university’s business and environment studies degree program at the time.
He then assisted in the design and development of WestonExpressions’ innovative technology, Linkett Technology. WestonExpressions is a technology company that provides its clients with hardware and software innovations suitable for the out-of-home advertisement industry. Linkett Technology is a small device with features and functions that enable it to collect data about consumers; the data is then used in the optimization of digital content suitable for their demographic.
Linkett is described as an interactive digital signage system that gives traditional media, particularly televisions, with mobile and motion capabilities. By grabbing the attention span of passing consumers, the technology makes all content more interactive and accessible. The technology also provides promoters with key analytics necessary to boost the effectiveness and efficiency of content – a win-win situation that WestonExpressions’ clients find highly appealing.
WestonExpressions has three revenue models, namely:
- Sell directly to retailers and brands with software-as-a-service model for $99.99/month per device with the option for an upgrade to $399.99 per venue for unlimited hardware;
- Sell the technology to digital signage companies and resellers; and
- Partner with advertising and marketing agencies for the creation of custom creative campaigns with the Linkett Technology used in illustrating branding for clients during tradeshows, among other special events.
Lusted brings his ideas to life via in-depth discussion with his co-founders. The co-founders then discuss the process for each part of the project as well as the division of labor and resources amongst themselves.